International Management In Context MAN132
1. Introduction ( International Management In Context MAN13)
- An organization needs an innovative strategy for the proper development of the business for products as well as for increasing the financial profit.
- The company has to concentrate on financial, marketing as well as operation management for expanding the company all over the world.
- The upper management has to look after the external and internal environment for surviving in the market for a longer time against other rival companies.
- Reliance Company uses different types of strategies for the better improvement of the business all over the world.
The aim of the study is to discuss the marketing, operation, and financial management system of reliance and the problem faced by the organization for rival companies.
2. Organisation Overview
- Reliance is a reputed company worldwide and it has more than 30 lakh shareholders that mean the company holds approximately 52% of the total share (Reliance.com, 2020).
- The company has more than 24,000 employees and in 2015-2016 the organization has profited Rs 2,960 billion (Alsamydai, 2019).
- The organization has a minimum of 158 subordinate companies along with 10 different companies of individual fields are connected with Reliance.
- In 2013, Reliance made more than 1466 stores all over India and it has provided different types of essential products at reasonable prices (Reliance.com, 2020).
The company deals with plant, industrial biotechnology, medical goods, costumes as well as includes molecular technology, bio fuels, clinical research, and many more.
3. Key Practices
3.1 Finance management
- According to the view of UDABAH et al.(2019), from 2006, Reliance Financial Limited (RFL0 is connected with the Reserve Bank of India as a Non-Banking Financial Company (NBFC).
- RFL is involved in money lending and financial business such as loans against securities, margin funding.
- In 2018, Reliance Company has profited Rs. 16,605 crore and the company has total assets of Rs 93,851 crore till March 31, 2018 (Sahoo, 2020).
- Apart from all these shareholders, the financial management of the company also concentrates on making different advertisement and offers on products to attract more customers
Reliance financial management is highly developed for the better improvement of the company as well as to stand as a reputed company worldwide.
3.2 Operational management
- As per the view of Iwara and Dickson (2020), the operational management system of reliance is very well developed and the company uses advanced technology for production quality.
- The management looks after their employees’ health and salary and provides them good amounts of salaries and many facilities.
The product and operation management process for the Reliance industry is good and the quality of the products is good at low cost. Therefore, this scheme is relevant to the better accumulation of data, and the advancement of technology is sustainable for making their business sensible as well as acceptable.
- As per the view of ISKANDAR and ISTIANINGSIH (2020), the management uses advanced manufacturer machines for huge production to meet customers’ demand.
- The organization management system of Reliance has provided team leaders in every manufacturer department with a better overview of products.
Reliance operational management concentrates on making products that are suitable and less harmful to the environment as most of the customers prefer friendly products for both health and the environment.
3.3 Marketing management
- Reliance Company focuses highly on place, production, price, and promotion of the products for increasing their business in the market against other rival companies (Bazubagira and Umumararungu, 2020).
- The marketing management always tries to improve communication between retailers and customers and therefore they can produce different products as per the customer’s choice.
The marketing management system of the Reliance industry is proper in nature and this can help this firm to gain more profit as well as a better reputation in the business process. Apart from this, a suitable people management system helps this sector to develop strategic views in the near future.
- As per the view of Gowda and Om (2018), the management system keeps strong records of different companies’ position in the market for surviving in the long run globally.
- Reliance marketing management is very careful before deciding the cost of the products so that everyone can afford and it has various ranges of products available all over the world.
Reliance Company is located in many countries and the business is increasing more for its healthy products which are affordable for everyone as well as suitable for a green environment.
4. External and internal environment
Pestle of Reliance Company
Political:
- The industry has included a variety of products such as mobile, fashion, etc and therefore it is important for the continuous supply of raw materials to maintain the quantity of production (Pati, et al. 2018).
- Reliance management frequently changes its political strategy and due to this, it becomes problematic to adjust to the changes as it is a huge organization all over the world.
Reliance Company has set up its branches in many countries which should not be near military campuses and industry has to be careful with the government policies for maintaining the property protection.
Social:
- In this 21st century, the industry has got many consumers as people have become more attracted towards unique, fashionable products as well as in technology fields.
- As per the view of Breger (2020), every person has become habituated to the internet and therefore reliance has launched an affordable internet named Jio in 2007.
Reliance has to be careful in selecting places for promoting their premium products as many people do not have the capability to afford branded products.
Economical and technological:
- Reliance Company has to be careful before choosing the raw products as too many costly resources can lead to an increment in the cost of the final product (Ayegba et al. 2018).
- Technology is very effective for the improvement of products and therefore in many reliance stores, the company has included robots and machines for carrying huge materials.
Reliance industries take loans from different banks for supporting their financial sight and they try to approach customers to buy their high-quality products.
Swot of Reliance Company:
Strength and opportunities:
- Reliance is expanding worldwide with other branded companies and it has improved its value chain from retailer to customer (Mbelwa and Lenatusi, 2019).
- Reliance Jio has extended massively in India and besides this, the industry is looking forward to becoming a mass popular band of 4g wireless service.
Reliance Company also has an oil refinery in Jamnagar and the industry uses advanced technology for high yielding end products and therefore it has become the world’s largest private refining company.
Weakness and threats:
- Reliance has two major projects named Tapti fields and KG-D6 which are decreasing due to different operational and natural changes and therefore production and supply chain is affected.
- The industry is facing huge competition against a few companies like D-Mart, Airtel, Vodafone, and many more (Iwara and Dickson, 2020).
The reliance industry had to pay a huge amount of fine to the government for not following some government policies and this has affected company reputation in the market globally.
5. Summarisation of problem
- As per the view of Bazubagira and Umumararungu (2020), Reliance Jio has faced problems with some operators over points of interconnectivity.
- A lot of customers have shifted to reliance Jio and due to this Jio 4g internet speed has slowed down drastically.
Reliance Jio connection frequently fluctuates as well as this 4g volte does not support in older phones and therefore the company has lost many customers.
- As per the view of Smit (2017), some products of the company are very costly which is not possible to afford for many customers.
- There are many substitute products at reasonable prices in the market and for this customers can easily shift from reliance on other brands.
Reliance has lost a lot of customers all over the world from time to time and therefore it has affected their profit scale.
- The reliance industry has faced a number of problems due to poor employee management and most of the workers are not satisfied with the business process.
- In the case of Reliance digital, poor technology is problematic and this has imposed a number of constraints for this industry, and customer management can be impossible.
The upper authority of the Reliance industry has faced a number of problems as salaries to the workers are not provided accurately. On the other hand, the poor network connection is another major problem of this industry by which stability can be hampered ineffectively.
6. Conclusion
- It can be concluded from the study that reliance has developed its management system for the development and expansion of the company all over the world.
- The company has to concentrate more on the management system for attracting more customers towards their products as well as to improve their 4g speed.
- Reliance company have to be more careful with their employers as well as the management must improve the working environment.
- The reliance company management must follow government policies and law to avoid penalties and to keep up their reputed position in the market all over the world.
The upper authority has to be more cautious before making decisions on management and products as per the rival companies.
References
Alsamydai, M.J., 2019. Marketing Engineering And Making Marketing Decisions. International Journal of Scientific & Technology Research, 8(11).
Ayegba, J.O., Lin, Z.L., Ayegba, P.M., Uzoejinwa, B.B. and Antwi, H.A., 2018. Determinants Of Reliance On Innovation Approach Or Otherwise By Smes In Developing Nations And Proffered Policy.
Bazubagira, A.K. and Umumararungu, C.K., 2020. Self-reliance. International Journal of Research in Business and Social Science (2147-4478), 9(6), pp.183-190.
Breger, D., Edmonds, M. and Ortegren, M., 2020. Internal audit standard compliance, potentially competing duties, and external auditors’ reliance decision. Journal of Corporate Accounting & Finance, 31(1), pp.112-124.
Gowda, J.T. and Om, C.P., 2018. A Study on Customer Satisfaction Towards Reliance Postpaid Services in Bangalore.
ISKANDAR, D. and ISTIANINGSIH, I., 2020. Effect of Knowledge, Safety, Convenience and Reliance on Such Behavior Use of Financial Systems Technology (Fintech).
Iwara, I.E. and Dickson, E.E., 2020. Limits of External Reliance for Sustainable Development in Sub-Saharan Africa. International Journal of Business and Social Science, 11(3).
Mbelwa, L. and Lenatusi, M., 2019. ASSESSMENT OF FACTORS THAT INFLUENCE MANAGEMENT RELIANCE ON INTERNAL AUDIT FUNCTION: EVIDENCE FROM OIL AND GAS COMPANIES OPERATING IN TANZANIA. Business Management Review, 22(1), pp.13-30.
Pati, R.K., Nandakumar, M.K., Ghobadian, A., Ireland, R.D. and O’Regan, N., 2018. Business model design–performance relationship under external and internal contingencies: Evidence from SMEs in an emerging economy. Long Range Planning, 51(5), pp.750-769.
Sahoo, B., 2020. Marketing Management.
Smit, A., 2017. Leadership in the Midst of Transition: Reflections on Self-Reliance, Responsibility and Spirituality. In Managing VUCA Through Integrative Self-Management (pp. 109-118). Springer, Cham.
UDABAH, C.U.P., Agbani, E. and NNEJI, S.O.P.(2019), ENTERPRENEURIALSHIP SKILLS NEEDED BY MATHEMATICS EDUCATION GRADUATES FOR SELF RELIANCE AND CURBING UNEMPLOYMENT IN ENUGU STATE.
Website
Reliance.com, 2020. About, Available at: www.reliance.com, 2020. [Accessed on: 16.11.2020]
